Bank Statement Loans
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WHAT IS A BANK STATEMENT LOAN?
You can think of a reverse mortgage as a type of home equity loan. Designed for those over the age of 62, homeowners can borrow against the equity in their home. The difference between a reverse mortgage and a home equity loan is that a reverse mortgage does not require any type of loan payment. Most reverse mortgages are backed by the federal government.
HOW DOES A REVERSE MORTGAGE WORK?
Our bank statement financing product meets the needs of self-employed home buyers. The US tax code allows company owners to offset significant sums of taxable income through deductions, lowering their tax burden. To qualify for most regular credit programs (e.g., conventional and Jumbo), creditors must utilize taxable income from the applicant's tax returns (business or personal). This often leaves the business owner dissatisfied and trapped since the lender only receives a fraction of the actual income. Many of our clients utilize the bank statement loan approach to buy their dream home, then refinance it at the optimal time. This allows business owners to buy and own a home as they wish.
WHO QUALIFIES FOR A BANK STATEMENT LOAN?
The lending program for bank statements is surprisingly easy in comparison to other loan programs. Why? It is not necessary to have tax returns, payment allowances, or job history, meaning there are fewer papers required. All you have to do is show your bank statements. This program allows self-employed lenders to qualify using their personal or commercial bank account, depending on whether the deposit fee is for a 12-or 24-month period.
CHOOSE THE MORTGAGE STORE TODAY
Unlike other lenders, we are invested in your long-term financial success. When you utilize our tailored, detail-oriented mortgage services, you'll have the peace of mind you need to proceed with your home purchase without hesitation. Don't waste any more time; get started right now.